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Small business planning means maintaining your cash flow and having the capital you need to upgrade your equipment and expand with growth. But the credit crunch over the last couple of years has made it harder and harder to come up with cash. As a result, loans from the federal Small Business Administration have become an increasingly important option.
How do you get an SBA loan? Inc.com published a nice guide recently to the application process.
Created in 1953, the Small Business Administration made almost a quarter of a million loans last year for about 84 billion dollars. The SBA is the single biggest financial backer for small business in the US. But the SBA doesn't make the loans itself; it simple guarantees them (which means that the banks are much more willing to lend).
The Inc.com article can guide you through the process.
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